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A view of Hyundai Motor Group’s 105-story new headquarters, Global Business Center, in Gangnam-gu, Seoul (Hyundai Motor) |
Hyundai Motor Group is set to start constructing its 105-story Global Business Center in Seoul’s Gangnam-gu later this month -- six years after it purchased the site for a new headquarters.
According to the Seoul Metropolitan Government and Hyundai Motor Group, the South Korean automotive group recently handed in documents asking permission to break ground. The government is expected to grant permission as early as Thursday.
The construction project was expected since the group bought the site from state-run utility Korea Electric Power for 10.55 trillion won ($86 billion) in 2014.
In November last year, the Seoul government finally gave construction permission for Hyundai to work on the project, on condition that the building would not interrupt the Air Force’s flight operations.
Hyundai, in return, agreed to offer financial support to the Air Force to purchase a new radar system that will help observe areas potentially obscured by the skyscraper.
Hyundai has also pledged to invest in the Seoul government’s redevelopment plans for places in Gangnam-gu, including the former Olympic Stadium in the Jamsil District and Yeongdong transit terminal.
When completed, the GBC will be the nation’s tallest building and house around 10,000 employees of 15 Hyundai affiliates. The new building will also include accommodation, a concert hall, exhibition space, stores and tourist facilities.
Hyundai is considering establishing a special purpose company. The automotive group will try to find outside investors in the construction project.
Hyundai expects to finish construction by 2026.
By Shim Woo-hyun (
ws@heraldcorp.com)
